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Forex

Delhi Gold, Silver Prices Tumble Amid Strong Rupee

Guavy AI Editorial Team
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USD
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Gold and silver prices took a hit in Delhi on Monday as the rupee strengthened against the US dollar. The price of gold fell by Rs 200 to Rs 1,56,400 per 10 grams, while silver dropped by Rs 5,000 to Rs 2.42 lakh per kilogram.

The decline is attributed to a combination of factors, including subdued global trends and a stronger rupee. Global gold prices also decreased, influenced by Federal Reserve commentary and inflation concerns that kept yields and the dollar firm.

Despite ongoing tensions in West Asia supporting demand for precious metals, the market remains uncertain. According to Gaurav Garg, Head of Research at brokerage platform Lemonn, 'gold and silver remained caught between competing forces'.

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